INCOME TAX
RETURNS FURNISHED BY TJUNK 1
THE UNEMPLOYMENT LEVY
After the end of this month taxpayers will he required tg furnish returns of income for the year ended March 31, and returns must be made by June 1. Payment of the first quarter of the unemployment levy on income other tnan salary or wages falls clue on May 1, and payment has also to be made by June ']. At the same time a further instalment of the os levy will be due.
The amount paid in unemployment taxation during the past year is allowed as a. special exemption from income tax. A new section in which to show the amount paid in unemployment taxation has been added to the schedule (in which the return has to he made. ,
These unemployment payments are not ordinary deductions like rent or rates on business premises, but rank as a special exemption to be deducted from the net taxable income. In the case of a married man with an income of £330, the ordinary exemption under the sliding scale is £IBO, making his taxable income £'32o. An allowance of £25 representing unemployment payments is then dedupt-able from tli is netsum. In the,-ease of a'man whose income is £2OOO, income tax: would ordinarily be £271 9s 2d. As exemption under the sliding, scale vanishes at £BOO, his total income represents his taxable income, ji'inl. the unemployment tax paid, £IOO, is [deducted from the tot"!, income tax then being levied on £I9OO. This represents £249 los.
No special exemptions have been allowed in assessing unemployment tax, and the amount paid in income' tax cannot be claimed as am exemption under this heading. The. absence oi any special exemptions lias given rise to ore anomaly between the two forms of taxation. In making out income tax returns the full interest received from bonds must be shown and then a special exemption is allowed in respect of the '"mount representing stamp duty. On the other hand, no . such reduction, is allowable .under the unemployment tax regulations, taxpayers being; required to pay‘tax on the full interest, although they do hot handle one-fifth of it. •
Permanent link to this item
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/HOG19330309.2.66
Bibliographic details
Ngā taipitopito pukapuka
Hokitika Guardian, 9 March 1933, Page 6
Word count
Tapeke kupu
356INCOME TAX Hokitika Guardian, 9 March 1933, Page 6
Using this item
Te whakamahi i tēnei tūemi
The Greymouth Evening Star Co Ltd is the copyright owner for the Hokitika Guardian. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of the Greymouth Evening Star Co Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in